External Pacemaker Market
External Pacemaker Market : Global Demand Analysis & Opportunity Outlook 2024
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External Pacemaker Market : Global Demand Analysis & Opportunity Outlook 2024
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
External pacemaker is referred to a medical device which uses electrical impulses to heart. It is a cardiac rhythm management device that sets heart rhythm. The external pacemaker can be used where short-term demand is indicated for therapeutic, prophylactic, or diagnostic purposes. External pacemaker is widely used by the hospitals.
Global external pacemaker market is anticipated to flourish at a CAGR of 5.5% over the forecast period. Further, the market of external pacemaker is riding on the back of various factors such as growing prevalence of heart diseases and rising awareness among the population towards healthcare devices.
On the basis of product type, dual chamber temporary pacemaker is expected to project a highest CAGR by the end of 2024. Furthermore, hospitals by end-user segment accounted for the largest market share in 2016. Likely, hospitals are estimated to grow at a highest CAGR by the end of 2024 owing to the increased adoption of external pacemaker by hospitals.
In terms of geography, North America accounted for the largest market of external pacemaker in terms of revenue in 2016. With 41% market share in 2016, North America captured the biggest market of external pacemaker. Further, North America is expected to continue its dominance over the forecast period owing to growing number of geriatric population. U.S. and Canada are the dominating countries of external pacemaker market in this region. Moreover, presence of major key players of external pacemaker in this region is also envisioned to bolster the growth of external pacemaker market.
Europe region secured for the second largest market of external pacemaker in terms of revenue in 2016. Additionally, the growth of Europe region can be attributed to various factors such as rising adoption of advanced healthcare technology and rapid urbanization. Likely, the major countries witnessing the augmented demand for external pacemaker include Western European countries. Asia-Pacific region is believed to be the fastest growing external pacemaker market by the end 2024. Further, increasing old age population and rising number of people suffering from various heart issues are the major factors boosting the demand for external pacemaker in this region. Moreover, China and Japan are the leading countries in this region. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis has segmented global external pacemaker market into the following segments:
Global external pacemaker market is further classified on the basis of region as follows:
Factors such as growing number of heart diseases and rising demand for advanced healthcare devices for the treatment of heart related issues are envisioned to be the dynamic factor behind the rapid growth of external pacemaker market over across the globe. Additionally, growing ambulatory surgery services and rising healthcare expenditure across the globe is believed to foster the growth of external pacemaker market by the end of 2024.
Moreover, rapid urbanization and growing GDP figures of the developed and developing nations are also projected to flourish the growth of external pacemaker market. Likely, the various factors propelling the growth of external pacemaker market includes various supportive government initiatives, non-government organizations funding and cost effective steps taken by various governments. Furthermore, high disease occurrence in underdeveloped nations is also believed to bolster the growth of external pacemaker market.
However, high cost of external pacemaker is anticipated to hinder the growth of external pacemaker market. Moreover, lack of awareness regarding cardiovascular disorders among the population in developing countries is projected to hamper the growth of external pacemaker market during the forecast period.
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